wordpress blog stats
Connect with us

Hi, what are you looking for?

SC approves RCom’s settlement proposal with Ericsson; Path clear for Jio deal

The Supreme Court today approved a settlement between Reliance Communications and the Indian unit of Ericsson, clearing the way for the Anil Ambani-led company’s assets to Reliance Jio Infocomm. The apex court not only directed Rcom to pay Rs 550 crore to Ericsson by Oct. 1, but also ordered the firm’s Chairman, Anil, to give an undertaking for the same. The company’s shares surged to a day’s high of little over 15%  following the top court’s order today. The news comes after Ericsson, on Thursday withdrew from the settlement deal with Rcom, as it had objections to the settlement terms suggested by the Indian telco. This also comes just two weeks after the company said that it is confident of closing the sale of its wireless assets to Reliance Jio Infocomm in the July-September quarter of this fiscal year. Case history Reliance Jio had said in January that it would buy wireless infrastructure assets from RCom in an all-cash deal, which experts pegged at Rs 24,000 crores. This deal, which was set to be completed by March-end, was a big part of RCom’s effort to cut its debt. RCom said that after the purchase Jio will gain over 178,000 kilometres of optic fibre, more than 43,000 cellphone towers and 122.4 MHz of 4G Spectrum in the 800/900/1800/2100 MHz bands. The deal even got its approval from the Competition Commission of India (CCI) earlier in March. However, it could not be executed as companies continued to challenge it. In March, an arbitration court stayed sale of RCom’s wireless…

Please subscribe/login to read the full story.
Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

After using the Mapples app as his default navigation app for a week, Sarvesh draws a comparison between Google Maps and Mapples

News

In the case of the ‘deemed consent' provision in the draft data protection law, brevity comes at the cost of clarity and user protection

News

The regulatory ambivalence around an instrument so essential to facilitate data exchange – the CM framework – is disconcerting for several reasons.

News

The provisions around grievance redressal in the Data Protection Bill "stands to be dangerously sparse and nugatory on various counts."

News

By Soujanya Sridharan and Dr. Sarayu Natarajan Platform work and data: the intersection Every time you use a ride-hailing app, the matching algorithm processes...

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ